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Twelfth consecutive losing quarter For Bingo.com

9/1/09 - The operator of the online bingo site Bingo.com, Bingo.com Limited, has released its unaudited financial results for Q2 2009 showing a twelfth consecutive losing quarter, attributed to rising marketing costs.
 
The firm's net loss of $266 702, was 13 percent higher than the same period last year, and 8 percent up on Q1 2009. Management attributed the loss to increased cost of marketing, which it said was necessary to enable the operation to succeed in an increasingly competitive UK market sector.

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A company spokesman said: “We had cash of $848 749 and working capital of $752 304 before the provision for jackpots and players float of $340 317 at June 30, 2009. This compares to cash of $412 002 and working capital of $336 316 before the provision for jackpots and players float of $211 821 at December 31, 2008.”
 
Second quarter gaming revenues of GBP 957 040 were achieved, up by 41 percent year-on-year and seven percent higher than the previous quarter.
 
Bingo.com Limited recently completed a private placement of 1.5 million shares that brought in $225 000, while total revenues increased seven percent year-on-year and 14 percent quarter-on-quarter to $1.51 million.
 
“The second quarter of 2009 was a challenge for Bingo.com” said Tarrnie Williams, the company's CEO. “While our traffic and revenues continue to increase, the competition in the United Kingdom online bingo market is intense and has resulted in a reduction of individual player values.
 
"Our costs have increased due to our Maltese gaming license, affiliate marketing costs and our continued investment in search engine optimisation.
 
“We recognise that to capture a higher percentage of the online bingo market share and reach profitability we need to offer our players a unique gaming experience. As we put cost saving measures in place and continue to focus on improving the Bingo.com system, we believe we will achieve profitability in the coming quarters.”

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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